Thread regarding Wells Fargo & Co. layoffs

What is OP and AI ??

There are more factors that go into these calculations but for an anonymous board its pretty decent. It is missing attrition conversions. We should also assume a running rate of terminated employees due to poor performance. I would say that is roughly .5% of our workforce each month.

@jhb+1paxet1k

Chainsaw was brought here to fire people, that's what he's doing. That's ALL he's doing. The mass layoffs will mostly end when he leaves because again, the point of bringing a guy like him in is to fire people, then the company leadership washes it's hands of all the damage it has done by bringing in the 'nice CEO' to run what's left. They aren't going to axe Charlie part way through that process, he'll do his work and then go. Probably 30k-40k total head count reduction to go. The real problem for us is that it will be much worse for US based employees. If headcount is going down 30k, it likely means 60-70k US workers have been canned and 30-40k I&P added. Get your cardboard box ready for your desk stuff. Charlie wants all of us gone.

@ssu+1paxet1k
Been lots of talked about AI and how it can boost your career or whatever. Also the India talked does not help. I hope my interview goes well, as long term I am not feeling so good right now.

@kdv+1paxet1k

Me too. This would be best scenario.

So much doom and gloom. If your team has already been impacted you are likely good for a couple years before the make another pass. Not all work from home team members are being laid off and non hub remote workers are also safe in many circumstances as well, especially if you've already been through a round of layoffs.

Post ID: @brp+1paxet1k

What team or business in I&P?

The thing is, displacements there are pretty scarce. And I&P does a decent job of redeploying good employees into other jobs soon after - unlike WF in the US.

I believe a lot of the layoffs will come from continuing to get rid of Home Mortgage and streamlining processes in Complaints and Remediations.

Over the next couple of years, I think customer service reps across the bank will be hit as they start using AI to replace those jobs. We won’t need a person to submit a request when AI can do it more reliably instead.

No proof - just my beliefs after piecing various facts together to get the general picture.

JFC I wish they would hurry up with ki-ling mortgage and laying everyone off. Many of us are checked out and waiting for a package. Hire more displacement staff and get it over with already!

@pwz+1paxet1k
And
@yxz+1paxet1k

It doesn’t matter whether the numbers come from layoffs or attrition or whether these are conflated. Either way, it’s a matter of subtracting the numbers and dividing by roughly how many people EITHER leave voluntarily or are displaced each month on average. There’s a hiring freeze almost company wide for a reason. If they can reduce headcount by attrition and not back-filling, they get their numbers but don’t have to spend money paying severance.

@noe No, it literally isn't. Show us where you can see the exact number of people who were laid off, and not just comparing two headcounts that conflates a bunch of different causes that you think proves your point.

@qna+1paxet1k Who denied what they said? Of course layoffs are happening, and of course their goal is to layoff a lot of people? People using suspect logic and fuzzy math solely to troll people is another thing entirely. Look at OP's choice of language: he just wants to get a rise out of people and made things up to do it. Stop carrying water for a liar whose goal is to make people live in fear.

Why is this so difficult to wrap your head around?

It literally is there. WTH is wrong with some of you? Unbelievable lol.

And it's really weird how you all are laughing like things are being made up when even the CEO and CFO are making their intentions plain as day- they are NOT trying to hide anything. So odd how some of you really just want to bury your head in the sand.

@dxc

It's literally available to see on workday and track. currently almost 2k on a notice period. last week it was about 1400.

All the naysayers need to do is review the earnings reports and those of the other big banks (if you don’t trust aggregated news reports) and you’ll have your numbers. From there it’s just a tiny bit of math that was spelled out by the OP.

But I get it. Trolls need to be spoon fed and even then they’ll refute it. OP’s numbers are reasonable if not sad.

Queue the downvotes saying I’m the OP. Lol

Over 500 CONFIRMED layoffs this Tuesday. The number varies between around 500-1000 every other Tuesday. This is not a guesstimate. However, the number is closer to 1000 a month in general with some months higher at 1500+.

@ess+1paxet1k

Not my number, but it seems like a reasonable estimate considering what we know about the total number displaced so far and the capacity of the displacement team. My guess is, the rate will be even higher. Charlie doesn't have much time left at WF, and the board will demand that he finishes what he started before he leaves so this nonsense doesn't taint the new CEO.

Do we really think ~500 people/week are leaving of their own accord? Of COURSE they're being laid off.

That’s why I’m doing as little work as possible. If I get let go they’ll have mountains of work to catch up on.

I and P employees are being hit too. Had a few of our support resources displaced last week. The work didn’t go away. It’s just do a lot more with less.

Appreciate the response, @blz - but if it that's the attrition number (according to whom?) then by definition that's not the layoff number, it's the attrition.

"Why are you assuming 1.5k layoffs per month?"

Not OP, but that's pretty close to the going rate of attrition for the last few months.

If I get my notice and package two years from today, I will be good. I will retire early and enjoy life without Wells Fargo.

Why are you assuming 1.5k layoffs per month?